May canola is down $2.20/mt, May soybean oil is down .32 cents/pound, May European rapeseed is down 7.75 euro per mt and April Malaysian palm oil is down .57%. May oats are up 2 1/4 cents/bushel. April crude oil is down $11.40 per barrel, April ULSD is down $.2161 per gallon, and the March Canadian dollar is up .00095 at .73760. The March U.S. Dollar Index is down .601 at 98.570 and the March Brazilian real is up .00245 at 0.19335.

For the most part, grain and oilseed markets are content sliding into the WASDE update at lower levels, following the bearish influence of weaker energy markets. Soybeans and soybean meal are the lone exceptions with optimism over upcoming talks between U.S. and Chinese trade negotiators helping.

Energy markets are near their lows of the session as headlines keep circulating that G7 countries (led by the IEA) are still considering the tapping of strategic petroleum reserves despite the decline in price. Actions and threats suggest otherwise, but so far the market has responded to bearish headlines. The Trump administration suggested all weekend they would sell crude oil futures to lower prices so that may be part of the price decline, especially when coordinated with price bearish talking points.

Regardless, markets are responding with stocks and bonds higher while the U.S. dollar remains under pressure due to the declining interest rates. Interestingly enough, precious metals don't seem to be buying the story, trading sharply higher on the day.

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